Smith Street, in the northern part of the Australian city, took the top spot in a vote by more than 27,000 people and travel experts around the world.
It was lauded for its abundance of pubs, wine bars, restaurants and record stores as well as its strong sense of community.
Other top streets in the Time Out World’s Coolest Streets ranking, which were chosen for balancing local culture, food and fun, include Passeig de San Joan in Barcelona; London’s Southbank; San Isidro in Havana; and Sunset Boulevard in Los Angeles.
London’s Southbank was ranked highly thanks to it being “the ideal place to stroll and take in some of London’s major attractions” as well as its variety of “great places to eat, drink and shop”.
Elsewhere in Europe, Rotterdam’s quirky Witte de Withstraat and Rua Rodrigues de Faria in Lisbon also appeared in the top 10.
“Our first ever World’s Coolest Streets list celebrates the great local businesses and communities that make our cities and streets exciting,” said James Manning, international editor of Time Out.
“They have kept us going through the past year and it’s more important than ever to support them as the world begins reopening. From outdoor dining to open-air culture, street life is where you can glimpse the future of our cities.
“Humans are social creatures and these streets are the places to be as we start eating, drinking and socialising together once again.”
The coolest streets as ranked by Time Out
Smith Street, Melbourne
Passeig de Sant Joan, Barcelona
San Isidro, Havana
Sunset Boulevard, Los Angeles
Witte de Withstraat, Rotterdam
Rua Três Rios, São Paulo
Haji Lane, Singapore
Rua Rodrigues de Faria, Lisbon
Calle Thames, Buenos Aires